Hong Kong billionaire Li Ka-shing’s flagship property developer CK Asset Holdings has sold a penthouse mansion at a luxury development in Mid-Levels in Central for HK$362 million (US$46.2 million), setting a per square foot price record for first-hand transactions this year.

The 2,911 sq ft unit on the 20th floor of the second phase of 21 Borrett Road went for HK$124,356 per square foot via public tender, according to a statement from the developer on Sunday.

The unit that was sold “boasts an expansive floor-to-floor height of 3.5 metres, configured in a premium five-bedroom with three ensuite layouts,” according to CK Asset.

The sale of the unit comes amid “lingering uncertainties” due to the US-Israel war on Iran, which is driving investors to diversify assets, said William Kwok, chief manager of sales at CK Asset.

“With the Hong Kong real estate market showing a steady upwards trajectory, newly completed ultra-luxury residences remain exceptionally scarce, naturally becoming prime targets for mega-investors,” Kwok said.

The latest transaction follows a string of deals in the super luxury market – homes worth HK$100 million or more – highlighting the strong demand for Hong Kong’s residential units, particularly in the high-end segment.